All posts tagged Wal-Mart Stores Inc

Opening India’s retail sector to foreign direct investment could help the middlemen, as well as the key beneficiaries, farmers and consumers, Kaushik Basu, the government’s chief economic advisor said Thursday.

The potential of the booming Indian market is captivating to the world’s biggest store chains, which long to make it a linchpin of their growth strategies. Now, with the Indian government backtracking from retail liberalization, retailers like Wal-Mart Stores Inc. and Tesco PLC are retooling their plans.

The world’s largest retailer also has been vocal about India’s potential impact on its bottom line. Executives of U.S.-based Wal-Mart said during a March investors’ conference on its international business that the company expected to turn a profit more quickly in India than in China, where the process took a dozen years.

India shelved recently-announced plans to allow international supermarkets and department stores to enter the country, disappointing retailers and damaging the government’s credibility but ending an impasse between the ruling Congress party and the opposition.

Agence France-Presse/Getty Images

Finance Minister Pranab Mukherjee announced the move in Parliament Wednesday after the government met its coalition allies as well as opposition parties.

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